Doug Nicholson of Grubb & Ellis Co. is the representative for General Stevedores as well as building owner, Hatch & Kirk. Nicholson tells GlobeSt.com that Hatch & Kirk is a Seattle-based company that restores ship engines. The buildings are freestanding, metal, grade level structures with overhead cranes. They are located near the ship channel.
According to Grubb & Ellis research, there is more than 10 million sf of industrial space in the ship channel submarket. The vacancy rate is 4.2%. More than 62,000 sf had been absorbed in the last quarter. Rental rates for warehouse distribution in the submarket fetch 38-cents per sf while research and development flex space brings 84-cents per sf. The citywide lease rate for warehouse tallies 33 cents per sf and flex, 55 cents per sf.
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